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Omitted-Ability Bias And The Increase In The Return To Schooling, Mckinley L. Blackburn, David Neumark
Omitted-Ability Bias And The Increase In The Return To Schooling, Mckinley L. Blackburn, David Neumark
Faculty Publications
Over the 1980s, there were sharp increases in the return to schooling estimated with conventional wage regressions. We explore whether the relationship between ability and schooling changed over this period in ways that would have increased the schooling coefficient in these regressions. Our empirical results reject the hypothesis that an increase in the bias of the schooling coefficient, due to a change in the relationship between ability and schooling, has contributed to observed increases in the return to schooling.We also find that the increase in the schooling return has occurred for workers with relatively high levels of academic ability.
An Exploration Of High-Risk Leisure Consumption Through Skydiving, Richard L. Celsi, Randall L. Rose, Thomas W. Leigh
An Exploration Of High-Risk Leisure Consumption Through Skydiving, Richard L. Celsi, Randall L. Rose, Thomas W. Leigh
Faculty Publications
A sociocultural approach is used to explore voluntary high-risk consumption Specifically, we examine the dynamics of individuals' motives, risk perceptions, and benefit/cost outcomes of participation in increasingly popular high-risk leisure activities such as skydiving, climbing, and BASE jumping (parachuting from fixed objects). An ethnography of a skydiving subculture provides the primary empirical data. We propose an extended dramatic model that explains both macroenvironmental and inter- and intrapersonal influences and motives for high-risk consumption. Key findings indicate (1) an evolution of motives that explains initial and continuing participation in high-risk activities and (2) a coinciding evolution of risk acculturation that leads …
Partisan Monetary Policies: Presidential Influence Through The Power Of Appointment, Henry W. Chappell, Thomas M. Havrilesky, Rob Roy Mcgregor
Partisan Monetary Policies: Presidential Influence Through The Power Of Appointment, Henry W. Chappell, Thomas M. Havrilesky, Rob Roy Mcgregor
Faculty Publications
We investigate the channels through which partisan influence from a Presidential administration could affect monetary policy-making.Influence could be a result of direct Presidential pressure exerted on members of the Federal Open Market Committee (FOMC), or it could be a result of partisan considerations in Presidential appointments to the Board of Governors. To investigate these two channels of influence, we devise and apply a method for estimating parameters of monetary policy reaction functions that can vary across individual members of the FOMC Our results suggest that the appointments process is the primary mechanism by which partisan differences in monetary policies arise.
Aggregate Vote Functions For The Us. Presidency, Senate, And House, Henry W. Chappell, Motoshi Suzuki
Aggregate Vote Functions For The Us. Presidency, Senate, And House, Henry W. Chappell, Motoshi Suzuki
Faculty Publications
Estimates vote functions for presidential, House and Senate elections following the premise that vote functions are likely to be related. Use of a seemingly unrelated regressions technique adapted to the case of unequal numbers of observations across equations; On-year versus mid-term congressional elections parameters; Influence of economic variables on election outcomes; Incumbency effects.